IT modernization boosts Insurance customer base

Insurance

IT modernization boosts Insurance customer base

Existing applications and business systems of a Fortune 500 Insurance Carrier were inadequate to meet customer expectations. Iris business systems transformation solution enabled the client to deliver a consistent customer experience, improving acquisition and retention significantly.

Client

A leading American Fortune 500 Insurance Services Provider, offering insurance, investment management and financial products & services across the Americas and 40 other countries

Business Drivers

To advance business agility and customer experience through modernized business systems

Technologies and Frameworks

C#/.NET, JAVA, DevOps, Python, NodeJS, App Services, Managed Application Support

BUSINESS CHALLENGE

The client’s existing business applications, systems, and support services were in stasis and not delivering the much-needed value to the insurer and end customers. Due to the lack of enterprise application portfolio strategy, business functions were onboarding applications in a silo. The net impact was that the insurer’s revenue and market share decreased. Longer turnaround times and outdated UI were discouraging customers. On the other hand, prospective customers were also opting for modernized options available in the market.

SOLUTION

Iris delivered app development and managed services across Annuities, Life Insurance, Group Insurance, Retirements and the Global Enterprise Service groups that decide the platform for all business units. Our services spanned around Enterprise Collaboration portal, Financial Wellness platform, Mutual Fund platform modernization, Oracle EBS development and support, and Retirement Annuities platform management. We also executed a scaled Agile program and ran multiple Scrums within the enterprise development and support landscape. Iris tech experts established DevOps and scaled Agile Framework within the client organization and enabled a team of over 150 professionals globally to support business operations 24X7.

OUTCOMES

Iris has been working around the application portfolio for over three years. We have helped the client deliver an exceptional experience to employees and end customers through active service support. Key outcomes of the delivered solution included:
  • Infrastructure availability increased to 99%
  • Optimized maintainability reduced the KYC process time by 75% 
  • Customer response time cut down by around 40% 
  • Promoter score incremented from 5 to 9 out of 10 
  • Customer retention improved by nearly 80% 
  • Customer acquisition increased by 65%

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